Trade of the Day: AUD/USD

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ChartViper Trade of the Day

AUD/USD recently broke the key support level 0.6447, which was previously identified by Autochartist on the 15-minute charts. Autochartist rates the Significance of this support level at the 4-bar level – which is the result of the 4 previous reversals from this price level. AUD/USD is expected to fall toward the forecast price 0.6404.

As can be seen from the daily AUD/USD chart below – the pair earlier reversed down from the key resistance level 0.6535 (which has been reversing the price from the start of October), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from September. The proximity of resistance area and the clear daily downtrend increase the probability AUD/USD will continue to fall toward the forecast price 0.6404.

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